April, 2020

• 14 April

  TD issues biggest loonie corporate bond of 2020

  

  Bloomberg Toronto-Dominion Bank (TD) said it issued C$3 billion ($2.16 billion) of subordinated bonds in the largest corporate bond sale in Canada on record as it bolsters its position to ride out the coronavirus slump. Canada’s second-largest bank by assets priced the 10-year bonds at 255 basis points above government bonds, according to Bloomberg data. The securities are callable after …

  Read More »
• 14 April

  BofA can favour its own customers in rescue loan program

  

  Bloomberg Bank of America Corp. (BofA) can favour its own customers in making emergency loans for now, a federal judge ruled as small businesses start to compete for a piece of the $349 billion Paycheck Protection Program. US District Judge Stephanie Gallagher in Baltimore rejected a request to temporarily bar the bank from giving preferential treatment to existing small-business loan …

  Read More »
• 14 April

  Swiss National Bank sight deposits hit record high

  Bloomberg The amount of cash commercial banks hold at the Swiss National Bank (SNB) hit a record last week, highlighting officials’ battle to keep the franc from appreciating. Sight deposits increased by 6.9 billion francs ($7 billion) to 634.1 billion francs in the week ending April 10, data published on the central bank’s website on Tuesday showed. The SNB waged …

  Read More »
• 14 April

  Norwegian plunges 63% on plan to convert debt to equity

  

  Bloomberg Norwegian Air Shuttle ASA is fighting for survival, with a last-ditch plan to convert debt to equity driving its share price down as much as 63% during the first frantic moments of trading on Tuesday. Norwegian Air’s proposal will dilute shareholders already counting their losses after Covid-19 ruined the company’s efforts to return to profitability. The plan calls for …

  Read More »
• 14 April

  Lufthansa seeks shareholder approval to raise $2.6 billion

  

  Bloomberg Deutsche Lufthansa AG is seeking shareholder approval to raise up to 2.4 billion euros ($2.6 billion), funds that could lower but not be enough to avoid the need for a government orchestrated bailout the carrier is facing to get through the coronavirus crisis. Germany’s flagship airline is seeking to issue 176 million new shares, or 36% of its existing …

  Read More »
• 14 April

  Covid-19: Indonesia overtakes Japan in aviation pecking order

  

  Bloomberg Indonesia has overtaken Japan to become the world’s third-biggest aviation market as airlines continue to slash passenger capacity because of the coronavirus, according to OAG Aviation Worldwide. The country’s scheduled capacity is now 2.1 million seats, down 7.8% from last week, but just ahead of Japan’s after a drop of nearly 15% there. Chinese capacity rose 7.2% to 8.7 …

  Read More »
• 14 April

  Universal Robina sees rise in grocery shopping

  

  Bloomberg Universal Robina Corp’s instant coffee and noodles are flying off grocery shelves in the Philippines, but the lockdown in the main Luzon island is disrupting supply chains and limiting its ability to meet orders. The company’s CEO Irwin Lee described the last few weeks as “frenetic” for the JG Summit Holdings Inc’s unit, which has had to adapt to …

  Read More »
• 14 April

  True Religion files for bankruptcy yet again

  Bloomberg True Religion Apparel Inc, once a fast-growing premium jeans brand, filed for bankruptcy in Delaware, its second Chapter 11 since 2017. The company, acquired by New York- and London-based investment management firm TowerBrook Capital Partners in 2013 for $824 million, lists assets and liabilities of as much as $500 million each in the petition. Founded in 2002 and headquartered …

  Read More »
• 14 April

  Easter chocolate sales wilt over virus scare

  Bloomberg Swiss chocolate makers are offering price cuts in an attempt to stem weak demand during the key Easter season, as shoppers scoop up toilet paper and soup rather than tinfoil bunnies. Lindt & Spruengli is offering online price cuts of 30% on its entire Easter assortment. Laederach, another high-end chocolate chain, abandoned its practice of avoiding discounts this year. …

  Read More »
• 13 April

  Oil price war ends with historic Opec+ deal to slash production

  

  Bloomberg The world’s top oil producers pulled off a historic deal to cut global petroleum output by nearly a 10th, putting an end to the devastating price war that brought the energy industry to its knees. After a week-long marathon of bilateral calls and video conferences of ministers from the Opec+ alliance and the Group of 20 nations, an agreement …

  Read More »